You read that right. You need to think of ways to set your kids up for failure.
Failure is a part of life. Learning to deal with failure is vital if you want to succeed.
I see way too many kids who have never been allowed to experience disappointment or failure. They have been raised to believe that they just have to do their best, and at the end of the day they’ll get their participation ribbon. This works well until maybe age four – then we have to start teaching our kids how to fail, and move on. Kids who don’t learn to fail gracefully, learn and move on are destined to become insufferable, whiney, blame-someone-else losers later in life. You know the type.
“The object of this competition is not to be mean to the losers but to find a winner. The process makes you mean because you get frustrated.” —Simon Cowell
Life is a competition. Business is a competition, too. The rules are simple, and we keep score with money. Kids who learn to master this competition early are better equipped to succeed later on, in “real life.”
When you start teaching kids about money, they’re going to make a lot of mistakes. In other words, they’re going to fail. Sometimes, you can see their failure coming from a mile away, because you’ve been there yourself. As long as the consequences aren’t going to be disatrous, resist the urge to head off the failure – just let it happen, and be there to help talk about it and pick up the pieces when the dust settles.
The end result? A failure. A lesson learned. Another step closer to financial responsibility.
Failure for the win!